High energy prices = flight of industry... viz:
Britain ‘faces deindustrialisation’ without relief from high energy prices, survey warns
Make UK says manufacturers’ feedback shows sector at risk of collapse as it calls on Treasury to take action
The manufacturers’ body Make UK said the latest feedback from its members found that many would not be able to cope for much longer with energy costs that were twice the average in continental Europe and four times higher than in the US.
A survey revealed that a quarter of manufacturing companies either planned to move their production overseas or had already done so, while one in 10 companies believed it was likely or very likely they would be insolvent within the next 12 months.
Stephen Phipson, the trade body’s chief executive, said that although factory output had remained robust over the previous quarter, businesses were gloomy about the outlook, largely in response to the Iran war and rising oil and gas prices, and confidence had dived to a four-year low.
“The time for talking is over. The time for action is now,” he said. “Britain faces deindustrialisation unless manufacturers get relief from high energy prices. Electricity and gas in the UK are far too expensive and it’s costing our country steeply. We cannot afford to be delayed by political upheaval, or by further consultations.”
Make UK says manufacturers’ feedback shows sector at risk of collapse as it calls on Treasury to take action
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